• Foreclosure and Bankruptcy Specialist

    Posted: 05/10/2024

    RIHousing – Foreclosure and Bankruptcy Specialist
    Salary Range - $60,829.40 - $88,023.72
     
    RIHousing is committed to creating a diverse environment and is proud to be an equal-opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.
    What it’s all about:
    This position is accountable for managing the bankruptcy and foreclosure functions to ensure full regulatory compliance with bankruptcy and foreclosure laws, investor/insurer regulations and guidelines, to minimize financial risk and exposure to RIHousing

    What you’ll do on a daily basis:        
    This position manages the administration of the foreclosure and bankruptcy functions within the single-family Loan Servicing Division in compliance with internal policies, regulatory guidelines, investor requirements and sub-servicing requirements, including delinquency status reporting to appropriate investors and insurers.
    As such, the incumbent must be fully knowledgeable of federal and state bankruptcy and foreclosure laws and regulations governed by the Consumer Finance Protection Bureau (CFPB) and Fair Debt Collections Practices Act (FDCPA). It’s critical for the incumbent to meet all regulatory timeframes and requirements. They must also be experienced in preparation and participation of regulatory reviews and audits.
    They identify files that meet foreclosure referral criteria and prepare recommendations for referral for review by Assistant Director. As such, the incumbent must be familiar with all regulations governing prerequisites for foreclosure initiation.
    They make referrals to foreclosure and bankruptcy legal counsel to initiate foreclosure action or motion for relief from bankruptcy stay.  The Incumbent is responsible for reviewing the Chapter 7 and Chapter 13 bankruptcy plans to identify debtor’s intent and plan feasibility. Incumbent is also responsible for preparing bankruptcy proofs of claim, notices of payment change, notices of post-petition fees, and notices of final cure payment for all Chapter 13 Bankruptcy matters for filing by legal counsel and preparing Reaffirmation Agreements under a Chapter 7 plan.
    They also prepare foreclosure bids in accordance with investor/insurer guidelines and communicate such to legal counsel.
    They process pre- and post-petition bankruptcy payments, monitors applicable fees and performs research on approved bankruptcy plans as needed. They also work with the escrow department to ensure annual escrow analysis is compliant with bankruptcy laws.
    Incumbent maintains the foreclosure and bankruptcy workstations within the loan servicing system including post foreclosure to ensure that compliance timeframes are met, including updates within the Real Estate Owned (REO) workstation after foreclosure. The incumbent manages a pipeline of active foreclosure and bankruptcy accounts including review of attorney pipeline reports to ensure all legal timelines are met.
    Incumbent is also responsible for post-foreclosure updates within the FNMA and Freddie Mac Asset Management system as needed. In addition, for FNMA loans, they are responsible for submitting REOgrams and Cash Disbursement request forms.
    They also prepare monthly internal and sub-servicing delinquency, REO, and mortgage insurance (MI) claim status reports.
    They communicate with various external vendors, including legal counsel, bankruptcy trustee appraisers, sub-servicing investors, and debtor’s counsel as needed.
    They are cross-trained in other servicing functions and provide support in performing special projects as assigned.

    What you’ll bring to the team:

    • Administers the foreclosure and bankruptcy functions within the single-family Loan Servicing Division including the sub-servicing portfolio in accordance with internal policies, state and federal laws, and regulatory guidelines and compliance.
    • Prepares foreclosure bids and communicates with external legal counsel, bankruptcy trustees, investors and appraisers. Processes pre- and post-petition bankruptcy payment in the servicing system.
    • Maintains bankruptcy and foreclosure workstations within the loan servicing system to ensure required timeframes are met, and updates FNMA and Freddie Mac asset management system.
    • Prepares bankruptcy proofs of claim, notices of payment change, notice of post-petition fees, notices of final cure payment for all Chapter 13 matters for filing by legal counsel.
    • Attend foreclosure auctions.
    • Assists customer service, monitors delinquent loans, and provides support in performing special projects as assigned.
    What you’ll need to succeed:
    • Paralegal Certification preferred, Associates degree in business administration, or related field
    • Five years’ experience in mortgage collections, foreclosure and bankruptcy preferred.
    • Knowledge of state and federal laws governing bankruptcy and foreclosure, knowledge of CFPB and FDCPA regulations knowledge of government insured loans including FHA, USDA, FNMA, Freddie Mac, and VA insured loans.
    • Strong negotiations, communications, and organizational skills
    • Strong analytical and problem-solving skills, ability to comprehend complex transactions.
    • Ability to handle multiple projects/tasks, prioritize and organize workload, and meet investor and legal deadlines.
    • Technology proficiency, including Microsoft Word, Excel.
    • Understanding of real estate appraisals and titles.
    • Ability to work independently, be flexible, and self-motivated.
    • Bilingual ability preferred (particularly Spanish or Portuguese)
    • Use of personal vehicle, valid driver’s license and proof of insurance is required.
    Not sure you meet all the qualifications? Let us decide! 

    Why RIHousing:
    • Mission-Driven Organization
    • Dedicated Workforce
    • Competitive salary
    • Parking Stipend
    • Medical/Dental/Vision/Life Insurance
    • Paid Time Off
    • Retirement Options
    • Flexible Work Hours
    • If Position Eligible, Future Hybrid Work May Be Available
    • Education Reimbursement
    • Onsite Fitness Classes
    • Volunteer Days
    • Winner of “Best Places to Work” 2016, 2018, 2019, 2021, 2022, 2023, 2024
    • PBN’s Worksite Health Award 2013-2023
    • PBN’s Diversity Equity Inclusion Award 2023
    RIHousing strives to ensure that all people who live or work in Rhode Island can afford a healthy, attractive home that meets their needs.  A good home provides the foundation upon which individuals and families thrive, children learn and grow, and communities prosper.

    To achieve our mission, we:
    • Offer fair, affordable, and innovative lending programs.
    • Provide housing-related education to consumers and others.
    • Promote and finance sensible development that builds healthy, vibrant communities.
    • Provide housing grants and subsidies to Rhode Islanders with the greatest need.
    • Team up with partners to improve everything we do.
    RIHousing uses its resources to provide low-interest loans, grants, education, and assistance to help Rhode Islanders find, rent, buy, build, and keep a good home. Created by the General Assembly in 1973, RIHousing is a privately funded public purpose corporation. RIHousing requires its employees to be highly motivated and knowledgeable, have a sound understanding of the changing needs of Rhode Island's housing market, be willing to work within and toward a smoothly integrated operation, demonstrate a commitment to serve the people of Rhode Island, especially those with low and moderate incomes in need of safe and affordable homes, and possess a high level of integrity and deep respect for all Rhode Islanders, including customers, partners and fellow employees.

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